Hero MotoCorp to top up Ather investment with $66.5M

Hero MotoCorp, just announced an investment plan for Ather Energy—a whopping $66.5M in their pipeline!

• Hero MotoCorp is no stranger to Ather Energy, they already own a 33.1% stake of this electric-vehicle gem.

• Ather Energy to date has secured an impressive $336M from big-name investors like Tiger Global, and Flipkart founders Sachin Bansal and Binny Bansal, not to mention India’s quasi-sovereign fund NIIF.

• Last year's valuation had Ather Energy sitting pretty at $739M.

• Everything was all systems go for Ather Energy, they were set to smash the $1B revenue landmark by December this year. But then, the Ministry of Heavy Industries decided to reduce the subsidy for two-wheelers. This subsidy cut is a bit of a setback for Ather Energy, as they, like many EVs, have been reaping the benefits of state and federal subsidies.

• Despite this, Binny Bansal, an investor with Ather, mentioned on a recent podcast that Ather had reached unicorn status.

The valuation is still up in the air, but Hero MotoCorp is sure to increase its stake in the startup. Just last year, Ather Energy's turnover was $218.3M.